The domestic key equity indices closed on a negative note as Trump’s tariff tornado takes the globe by storm. The NSE Nifty 50 declined 82 points or 0.35% to settle at 23,250, while the BSE Sensex closed the day 322 points or 0.42% to finish at 76,295.
The Nifty IT was the worst hit among the sectoral indices on the back of growth concerns, falling 4.2% to 34,757.25 level in Thursday’s trade. However, the Nifty Pharma soared due to exemption from the tariffs. It closed the day 2.25% higher at 21,423.55.
The Nifty Bank increased 249 points or 0.49% to close at 51,597.35. In line with the benchmarks, the BSE Midcap edged higher by 0.31% to close at 41,796.08.
ALSO READDabur India plunges 7.5%: 3 big concerns for investors Sectoral Index
In the broader markets, small- and mid-cap stocks closed the day on a positive note. The volatility index India VIX cooled down 0.89% to the 13.60 level.
The overall market breadth remained in favour of bulls as out of 2,963 stocks traded, 2,057 advanced and 829 declined. Power Grid Corpo (4.6%) was the top gainer in the Nifty 50, followed by Sun Pharma (3.4%), Cipla (3.28%), UltraTech Cement (3.06%), and Shriram Finance (2.3%). Meanwhile, Tata Consultancy Services, HCL Technologies, Tech Mahindra, Infosys, and ONGC were the major losers in the weak market.
“Technically, after a gap-down opening, the market found support near 23,150 and reversed. However, it failed to surpass the 23,350 resistance zone, which is largely negative. We believe that the market is currently experiencing non-directional activity. On the downside, it is consistently finding support near 23,150, while profit booking is occurring near the 23,350 zone,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
“We expect the Nifty to consolidate in the range of 23,000 – 23,650 with high intraday volatility. In terms of levels 23,150-23,100 shall act as a very crucial support level and 23,550 – 23,600 shall act as an immediate hurdle. A move beyond 23600 shall signal the resumption of the next leg of upmove towards 24,000–24,200,” said Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan.
» Read More
